ECN Broker - MT4

This is a discussion on ECN Broker - MT4 within the Brokerages forums, part of the Commercial category; maybe off topic. Personally, I wouldn't chose a broker which: 1, Doesn't take US clients. US law is very restrict ...

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Old Nov 20, 2011, 11:26pm   #91
Joined Aug 2009
Re: ECN Broker - MT4

maybe off topic. Personally, I wouldn't chose a broker which:

1, Doesn't take US clients. US law is very restrict on bucket shops. Correct me if I am wrong.

2, Manipulates/widen market quotes other than passing them through to their clients, esp, during news event. BTW, I don't trade news because I think it is a bit gambling.

3, Freezes their platform during news event.

If they fall any of these, I doubt if they are a real ECN borker.
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Old Nov 21, 2011, 1:53am   #92
Joined Jan 2011
Re: ECN Broker - MT4

Hi!
I can definitely agree about any broker behaving like above
are probably a bucketshop. but I don't agree about your US theory,
you need to understand why the so called "Dodd frank" act came to be in the first place.
it was signed by the idiot Obama btw, Don't Vote for him next time.
yeaah sure we all heard the explanation that it is to ensure the safety of us residents' funds
and that this is some kind of war against shady brokers,
that is all BS in my opinion, they wouldn't care less about traders money.
what it is all about is that it's expected to enrich the US State Treasury
since the funds invested won't be taken out of the USA borders.
but what we have seen so far is that the effect has been the complete oposite.
it is no longer lucrative to invest in US brokers underlying these rules,
they are making it harder and harder for the small trader.
they are taking away the traders edge and thats very bad!
such as lowering the leverage to maximum 50:1 and there is suggestions
to lower it to 10:1, don't know if that already happend.
order types are also afected such as OCO and they
also wanted to forbid stop loss and limit orders,
not allowing traders to protect their capital.
don't think they got the last one approved
but that was what they intended to do in the first place.
the reason some brokers doesn't allow US clients is because
US law now state that any broker dealing with US citizens must be registred
with the Commodity Futures Trading Commission.
It is easier for brokers to decline the US citizens
because of high expenses registering with CFTC and incredible bureaucracy.
it's not that they are all Buckets,
in my own personal experience the worst broker I been with
was a US broker and accepted US clients.
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Old Nov 21, 2011, 4:51am   #93
Joined Aug 2009
Re: ECN Broker - MT4

Glad to know. chrisbliss you detailed input is priceless!
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Old Dec 1, 2011, 12:36pm   #94
 
DonCardEst's Avatar
Joined May 2011
Re: ECN Broker - MT4

Quote:
Originally Posted by alex2006 View Post
maybe off topic. Personally, I wouldn't chose a broker which:

1, Doesn't take US clients. US law is very restrict on bucket shops. Correct me if I am wrong.

2, Manipulates/widen market quotes other than passing them through to their clients, esp, during news event. BTW, I don't trade news because I think it is a bit gambling.

3, Freezes their platform during news event.

If they fall any of these, I doubt if they are a real ECN borker.
I agree with you, but i'd like to know: why they must freeze its platform during news event?
__________________
looking for new forex broker
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Old Dec 1, 2011, 2:21pm   #95
Joined Aug 2009
Re: ECN Broker - MT4

I don't work in the fx industry. Not sure about it. let me guess,

1, company with limited resources. all they want is your money, and quickly. Well, brokers are not charities, are all set up for profit but good ones focus on long term service. bad ones won't invest enough in servers, bandwidth etc. News events time is like a bottle neck.

2, they are not true ECN brokers, but bucket shops. Instead of sending most orders directly to the market (liquidators), they don't send losing positions, like those with small stops, wrong direction etc. They keep those positions of which will become their profit. They employ some tech analysis to filter obvious losing positions. This method has risks too. As they don't really know the direction around news events, they just simply shut/disconnect the server. Shortly after those events, when the direction is clear, they are ready to grab your money again. thus platform goes back to normal. However, your stops are not lucky enough to survive when servers are down. as soon as their servers are available, inevitably, stop loss orders are filled but take profit orders are not. If your complain, they would say sorry it was volatile, out of our control that kind of sh*t.

Last edited by alex2006; Dec 1, 2011 at 8:14pm. Reason: spelling
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Old Dec 1, 2011, 7:31pm   #96
Joined Jan 2011
Re: ECN Broker - MT4

Quote:
Originally Posted by DonCardEst View Post
I agree with you, but i'd like to know: why they must freeze its platform during news event?
it can be more than one reason but the most probable is
because they have the other side in the trade,
making you loose more by making you not able to close your trade when the market goes against you,
the market can move pretty much at news time.
so I guess easy money for the broker.
since he have the other side in your trade,
your loss is his gain.
criminal behaviour in my opinion,
not all brokers do this, there are good ones
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Old Dec 9, 2011, 4:22pm   #97
 
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Joined Nov 2010
Re: ECN Broker - MT4

Quote:
Originally Posted by alex2006 View Post
My execution was ok maybe because my trading size is small, 100k or less? Bigger sizes face liquidity issue?

BACS (UK's 3-day bank transfer system)withdrawal is free for UK clients. My withdrawal request was made Friday night, 5 Nov (effectively Monday 7 Nov)but have not received yet until end of Friday 11 Nov.
I've got a small issue with funding my account from Natwest..

How have u fund your mb trading account from UK bank? There is a international transfer(£10 or £27) but has be done in EUR..but my acc. currency is GBP so they wil convert it twice..

Is free BACS/CHAPS available?
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Old Dec 9, 2011, 4:39pm   #98
Joined Aug 2009
Re: ECN Broker - MT4

yes. full instruction should be with you in the emails. Their bank doesn't support same day transfer "faster payment service" which is a shame. But free BACS (via online banking) works fine. Mine arrived after 3days. Make sure you write DO NOT CONVERT when doing the transfer if you don't want conversion to happen. Actually there wasn't enough space. I just wrote GBP-ONLY.
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Old Dec 9, 2011, 4:53pm   #99
 
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Joined Nov 2010
Re: ECN Broker - MT4

Quote:
Originally Posted by alex2006 View Post
yes. full instruction should be with you in the emails. Their bank doesn't support same day transfer "faster payment service" which is a shame. But free BACS (via online banking) works fine. Mine arrived after 3days. Make sure you write DO NOT CONVERT when doing the transfer if you don't want conversion to happen. Actually there wasn't enough space. I just wrote GBP-ONLY.
cheers m8

but how have u manage to make a BACS without sort code?

in natwest u've got 4 blank fields :bank, acc nr, sort code and reference..
checked that email, it contains only acc nr..



edit: thing is that acc. has been open with default EUR currency and after my request it has been changed to GBP, so probably there are different policies/step to fund GBP ac

edit 2:...found smth on their website..have u transfered your funds by BACS into :
bank :Wells Fargo Bank, N.A London
acc nr 08542037
sort code 40-51-33
your acc. ref nr. ???

Last edited by mystic; Dec 9, 2011 at 5:01pm.
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Old Dec 9, 2011, 5:12pm   #100
Joined Aug 2009
Re: ECN Broker - MT4

GBP Account We accept Wires and BACS only for funding and withdrawals. Instructions are below: Pay To: Wells Fargo Bank, N.A London
SWIFT Code: PNBPGB2L
A/C No: 08542037
IBAN: GB09 PNBP 1656 7108 5420 37
BACS Sort Code: 40-51-33
CHAPS Sort Code: 16-56-71
Name of Account: MBT Financial UK Ltd Further Reference to: Customer's Name and Account Number with MBT UK

Additional: Clients should specify on their Wire instructions to send in GBP only. DO NOT CONVERT to any other currency.
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